Whiley’s appointment is effective immediately. He has four decades of experience in senior executive and non-exec roles and is currently the chairman of Mothercare.

De La Rue said he was capable of operating “in all operational, financial or regulatory circumstances”.

The struggling security printer rejected Pepyn Dinandt, the candidate put forward by activist investor Crystal Amber.

According to Sky News, the PLC also declined to take up a suggestion from other leading shareholders, who were pushing the board to hire well-known financier Nat Goldsmith.

Crystal Amber director Richard Bernstein described it as “a wasted opportunity”, and tweeted “You can only lead a horse to water.”

At the time of its 2022 annual report, the top three shareholders in De La Rue were Schroders (15.03%), Brandes Investment Partners (9.97%), and Crystal Amber (9.95%).

De La Rue's former chairman Kevin Loosemore resigned last month after a torrid period that included a campaign by Crystal Amber to have him removed from the role. 

Somewhat ironically, in 2021 Whiley was himself ousted from his role as chairman of Dignity after a shareholder revolt led by an activist investor.

Whiley said of his new role: “I am delighted to be joining De La Rue, with its distinguished heritage, international outlook and a wealth of potential within the group. 

“I am keen to lend my proven experience and knowledge to assist management as it strives to optimise the underlying intrinsic value of the business.”

De La Rue senior independent director Margaret Rice-Jones praised Whiley for the wealth of experiences he would bring to the role.

“He is a highly respected business leader with a proven track record and ideally suited to support the executive team in delivering future growth,” she said.

Posting on LinkedIn, De La Rue CEO Clive Vacher said: “Extending a warm welcome to our new chairman, Clive Whiley. We are excited that you are joining us. I look forward to working with you to continue to develop and strengthen De La Rue long into the future.”

Shares in De La Rue, which has issued multiple profit warnings and delayed the publication of its annual results, rose from 39.00p to 41.80p following the news (52-week high: 117.40p, low: 33.00p).

The group’s market capitalisation is currently just £81.7m, leading to speculation that De La Rue could find itself on the end of a takeover bid from a rival, and with shareholders smarting after 2020’s £100m capital raise.

De La Rue also needs to recruit a new CFO.